Under the terms of the deal, PepsiCo will buy all outstanding shares of Sodastream for $144 each.
Pepsi and Israeli-based company SodaStream already have an existing relationship, with Pepsi previously selling its cola on the platform in what the company called a "learning opportunity".
The acquisition has been unanimously approved by the Boards of Directors of both companies. The company is also experimenting with other non-bottled drinks, including Drinkfinity, which is sold in pods.
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If regulators approve the deal, it is expected to be finalised by January 2019, subject to a vote by Sodastream shareholders. It said the purchase was another step in its bid to "promoting health and wellness through environmentally friendly, cost-effective and fun-to-use beverage solutions".
According to The Wall Street Journal, "Sparkling water has grown far more strongly than the overall bottled water category in the US, clocking volume growth of 38% a year ago up from 35% in 2016 according to data from industry tracker Beverage Marketing Corp".
Waning soda consumption and environmental concern have led soft-drink producers to try to tap the at-home market, though success has been elusive. Last week, Coca-Cola agreed to buy a minority stake in Bodyarmor, a sports-drink maker whose backers include former basketball star Kobe Bryant, in a further move to diversify beyond sugary, fizzy beverages.
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It remains to be seen what Keurig Dr Pepper will do in the space.
Earlier this month, SodaStream reported its strongest results in company history, a 31 percent year over year jump in revenues to $172 million, an 89 percent leap in operating profit to $32 million and an 82 percent climb by net profit to $26 million. The deal will give the brand access to PepsiCo's distribution capabilities, global reach, R&D, design and marketing expertise with the aim of fuelling expansion and innovation. PepsiCo was advised by Goldman Sachs and Centerview, while SodaStream was advised by Perella Weinberg Partners.
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